CoinLoan Weekly: BTC Ongoing Growth, Ripple Legal & FOMO In Mining
Bitcoin Price News
The first cryptocurrency started last week with $47,340 and, from Monday to Thursday, fluctuated between $47,528 and $43,998. BTC began to grow rapidly on Friday, reaching $48,908 on the same day, then $49,969 on Saturday, and $49,453 on Sunday.
BTC's start of this week is quite impressive: on August 23, Bitcoin reached the $50,000 level. At the time of writing, BTC is trading at $50,174 with a 1.70% price rise in the last 24 hours.
In his recent interview Gareth Soloway, the President of InTheMoneyStocks, said he believes that BTC would eventually experience a massive downturn. According to him, history would repeat itself like it already did in 2013 and 2017 when BTC crashed after growing for a couple of months. However, if the asset somehow surpasses its all-time high ($65,000), things would be different.
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As for ETH, 7 days price change is +1.11%. ETH's all-week low happened on August 18 ($2,960). Ethereum max weekly price was reached on August 21 ($3,301).
However, this week's beginning for ETH is somewhat optimistic: as of August 23, Ethereum is trading at $3,328.
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XRP was also experiencing a downward trend in the first half of the week, reaching its all-week low ($1.05) on August 18. Ripple's all-week high happened on August 20 ($1.28).
As of August 23, XRP is trading at $1.28, a 2.87% price rise in the last 24 hours.
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Former SEC Official Warned Ripple of XRP Recognized as Security
William Hinman, former director of corporate finance at the SEC, said that he warned Ripple about the risk of recognizing XRP as a security. A transcript of the court hearing reveals this.
He advised the company to stop selling tokens to comply with regulatory requirements:
Frankly, the one I recall the most clearly is probably the one when XRP came in with a person who had my position before me, as well as enforcement counsel. They were interested in is there a way to restructure what we're doing to bring it within compliance of the securities laws, and the first thing I said to them was you're continuing to offer XRP without any kind of restrictions that would apply as a securities offering. If you want to come into compliance you have to stop doing that, and they understood that.
The legal standoff between Ripple and the SEC continues to gain momentum. Last week, the agency filed a petition with the court asking for access to "terabytes" of the company's Slack employee messages.
On Aug. 16, Ripple attempted to challenge the Commission's request. In a motion to Judge Sarah Netburn, the company called the regulator's request "burdensome and highly disproportionate.
Glassnode: Potential FOMO Effect in the Mining Industry
The accumulation of reserves by miners, the capital outflow from cryptocurrency exchanges, and the growth of net unrealized profit in the bitcoin network over its price rise suggests the likelihood of a FOMO effect, according to Glassnode analysts. Understanding the forces driving mining difficulty up and down is vital to understand the recent price moves on the crypto market. Few weeks back we published an article describing the importance of mining. You can check it out here.
Furthermore, during the last two months, miners' net position is on a steady rise. Monthly accumulation rates have reached 5,000 BTC. Glassnode suggests that the current events indicate a low probability of miners selling their assets.
Have a good week, and stay tuned for the upcoming news and updates, CoinLoaners!